Aegean reportedly decided the building is too expensive tooperate without a major remodel. Joe Vaughn, a locally-basedbusiness development director for Allen companies, that redevelopment plans for the property have not beensolidified.

Allen owns the hotel property as well as the development rightsfor much of the undeveloped portion of the Rose Quarter, a 37-acreproperty that includes the Rose Garden Arena, the aging MemorialColiseum and an office building that holds several of Allen'slocally based companies.

Jay Isaac, Allen's right hand man in Portland, tells GlobeSt.comthat specific redevelopment plans for the hotel property and theMemorial Coliseum will come after the city council signs off on amaster plan for the entire Rose Quarter area. "Until both of thoseprocesses are completed, we really won't know exactly to what usethe (hotel) parcel will be put," says Isaac. "But redevelopment isthe plan; it could end up beign another hotel or almostanything."

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